S&P boosts Delhaize

Standard & Poor's said it raised its long-term corporate credit rating on Delhaize Group SA to BBB- from BB+.

At the same time, the agency said it assigned an A-3 short-term corporate credit rating to Delhaize.

The outlook is stable.

According to S&P, the upgrade reflects a steady improvement of the group's credit metrics, which have now reached levels commensurate with an investment-grade rating while the ratings reflect Delhaize's solid regional positions, notably through the Food Lion banner (51% of the store base), which enjoys leading positions in southeastern and mid-Atlantic markets and has a good track record of profitability.

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